UPDATE: Haynes Int'l (HAYN) Misses Q1 EPS by 3c, Revenues Miss (CORRECTION)
(CORRECTION)
Haynes Int'l (NASDAQ: HAYN) reported Q1 EPS of ($0.13), 8 cents better than the analyst estimate of ($0.21). Revenue for the quarter came in at $107.1 million versus the consensus estimate of $99.11 million.
“We have completed the planned outage to rebuild and upgrade one of our three heat treat furnaces in our cold-finishing area. The duration was fifteen weeks, with the upgraded annealing line placed back into service in late January 2019. With this process now behind us, we are pleased to have the ability to pursue incremental high value differentiated cold finished flat business, which primarily serves the aerospace market,” said Michael Shor, President and Chief Executive Officer. “Even with the planned outage this quarter, our shipping volume increased 10.5%, and our net revenues increased 19.4% in the first quarter of fiscal 2019 compared to the same quarter of last fiscal year. In addition, our backlog increased 10.1% during the first quarter of fiscal 2019 compared to the end of the preceding quarter.”
For earnings history and earnings-related data on Haynes Int'l (HAYN) click here.